Japanese telecom giant NTT is aiming to raise up to $864 million in a Singapore initial public offering for its data centre REIT, including an overallotment option, according to a term sheet released as bookbuilding began.
NTT DC REIT’s portfolio spans six data centre assets across the United States, Austria, and Singapore, per a preliminary prospectus filed Friday.
The base offering is valued between $772 million and $812 million, with the overallotment option contributing an additional $51.5 million if exercised. Should the REIT’s forecast yield be priced at 7.5%, the overallotment would be triggered, leaving NTT with a 20% stake in the REIT.
The REIT is being marketed at an indicative forecast distribution yield of 7%–7.5% annualised for July–March, and 7.29%–7.80% for the next financial year, according to the term sheet. The offering would give the REIT a market cap of up to $1.08 billion.
Bookbuilding is set to conclude Friday, with listing planned for July 14.
Cornerstone investors include Singapore sovereign wealth fund GIC, which is committing $101 million.
Interest in Singapore’s IPO market has surged after the Singapore Exchange announced measures in February to boost its equities market, such as a 20% tax rebate for primary listings. IPO proceeds raised on the exchange jumped more than fivefold to $331.6 million in the first half of 2025 compared with a year earlier, LSEG data shows.
The REIT IPO would be the largest in Singapore since Digital Core REIT’s $977 million debut in 2021.
Other companies eyeing Singapore listings include China Medical System, which applied for a secondary listing, and Foundation Healthcare Holdings, based in the city-state.
NTT did not immediately respond to requests for comment.